CoinMarketCap Unveils the New Toilet Paper Token to Combat Coronavirus – should investors be rolling up to buy?

Following the news of a deal for Binance to buy the site, CoinMarketCap has placed Toilet Paper Token in its top spot for an April Fool’s Day joke.

The Investors’ Pipe Dream

CoinMarketCap this morning has added “Toilet Paper Token” to the very top of their listing, placing it above Bitcoin for the top spot.

Boasting an impressive market cap of $85.5 billion with a tongue-in-cheek “out of stock” listed as the circulating supply, CoinMarketCap is poking light fun at the response to the Cov-19 outbreak and the bulk buying of toilet paper (a phenomenon most readers will have been affected by).

At the beginning of supermarket hoarding, jokes on Twitter claimed that the toiletry would become a new form of currency in the post-virus world. CoinMarketCap has provided us with a tongue-in-cheek way to future proof the idea, and to allow for the transfer of toilet paper holdings across borders as well as removing the annoyance of having to carry the rolls around with us to pay for goods and services.

In this blog that offers details on the token, the aggregated data site claims that: “TPT utilizes “smut contracts” to keep track of the total number of rolls that users (hereafter referred to as wipers) have purchased…”

As well as enabling wipers to: “take advantage of the Ply Count algorithm that calculates how much toilet paper each household is entitled to receive.”

In this challenging period of human history, it’s nice to see that the crypto space has retained its good sense of humour to offer some relief to those directly affected by the outbreak.

New Management

In other CoinMarketCap news, yesterday came the announcement of Binance being in the final stages of securing a deal to buy the listing site.

The figure reported is around $400 million dollars – potentially a bargain for the Chinese exchange, as CoinMarketCap has long been the first port of call for crypto investors to evaluate cryptocurrencies that may wish to invest in.

Binance are arguably being very shrewd in this investment; CoinMarketCap received 207 million visitors in the last six months, whereas Binance received around 113 million – pointing to the likelihood that Binance have made the purchase so they can capitalise on the extra web traffic and more customers opening accounts with the exchange.

Binance reportedly amassed $1 billion in cumulative profit late last year, so the company reinvesting these profits seems a clever move to secure the exchange’s future profitability and market dominance.